Erdogan, Putin Discuss Establishment of Power Plants, Gas Hub in Türkiye During BRICS Summit

Putin welcomes Erdogan before their meeting on the sidelines of the BRICS summit in Kazan, southern Russia, on Wednesday (Turkish media).
Putin welcomes Erdogan before their meeting on the sidelines of the BRICS summit in Kazan, southern Russia, on Wednesday (Turkish media).
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Erdogan, Putin Discuss Establishment of Power Plants, Gas Hub in Türkiye During BRICS Summit

Putin welcomes Erdogan before their meeting on the sidelines of the BRICS summit in Kazan, southern Russia, on Wednesday (Turkish media).
Putin welcomes Erdogan before their meeting on the sidelines of the BRICS summit in Kazan, southern Russia, on Wednesday (Turkish media).

Türkiye and Russia are moving towards expanding cooperation in the field of nuclear power plants and implementing an agreement to establish a hub for Russian natural gas in western Türkiye.
Russian Deputy President Yuri Ushakov stated that Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan will discuss the proposed gas hub project during their meeting at the BRICS summit in Kazan, southern Russia.
According to a Russian media report on Wednesday, which cited an unnamed diplomatic source, the construction of new power plants and the gas hub in Türkiye will be part of the discussions between Putin and Erdogan.
Currently, Russia’s Rosatom is responsible for building Türkiye’s first nuclear power plant in Akkuyu, located in the southern province of Mersin. The first of its four reactors is expected to be operational by the end of this year.
Türkiye is also planning two additional nuclear power plants in Sinop on the Black Sea coast and in Thrace (western Türkiye), but it has yet to decide which company will undertake the projects. Bids have been made by Chinese and Japanese companies, as well as Russia’s Rosatom.
On Oct. 12, 2022, during the Russian Energy Week forum, Putin proposed creating a Russian gas hub in Türkiye, which would become the largest supplier of gas to Europe. The Turkish president welcomed this suggestion and directed the country’s Ministry of Energy and Natural Resources to start planning the hub the following day.
However, the proposal has been met with negative reactions from Europe, as many European countries are seeking to reduce their dependency on Russian energy resources.
Before the outbreak of the Russia-Ukraine war on Feb. 24, 2022, Russia provided approximately 40% of Europe’s gas supplies. However, those were reduced due to what Russia described as technical problems caused by Western sanctions. European governments accused Russia of using energy as a political weapon.
Experts have noted that establishing a Russian gas hub in Türkiye would require significant investments, potentially beyond the financial capacity of both countries, whose economies are currently in decline. The project could take years to complete, and new pipelines would need to be built to transport gas from Thrace in western Türkiye to Bulgaria and then to Europe.
This plan faces competition from Greece, which launched a new gas pipeline with Bulgaria in July 2022 to supply American liquefied natural gas (LNG).
Additionally, Türkiye and Bulgaria signed an agreement in Jan. 2023 under which Bulgaria will import approximately 1.5 billion cubic meters of gas annually for 13 years from Turkish export facilities, reducing the need for a new pipeline between the two countries.

 

 



Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
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Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

Global equity funds attracted inflows for a fifth consecutive week in the week through October 21, as easing Treasury yields and strong early corporate earnings lifted investor sentiment.

Global equity funds drew net inflows of $28.16 billion during the week, compared with $19.88 billion in the previous week, LSEG Lipper data showed.

The benchmark 10-year US Treasury yield fell about 15 basis points last week and dropped below the psychologically significant 5% level this week, Reuters reported.

Fund investors were encouraged by better-than-expected corporate earnings so far this reporting season.

Of the nearly 18% of MSCI All Country World Index constituents that have ⁠reported earnings to date, ⁠about 73% have exceeded the average analyst estimate, according to LSEG data.

The MSCI World Index, however, fell 1.31% on Thursday after Meta reported strong results on Wednesday but unveiled plans to issue non-voting stock, reviving concerns about its growing capital commitments.

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

By region, Asian equity funds attracted $11.53 billion, their largest weekly ⁠inflow since at least December 2022. Investors also added $9.14 billion to European equity funds and $5.07 billion to US equity funds.

Among sectoral funds, technology attracted $5.05 billion, reversing net sales of $4.77 billion in the previous week. Investors also bought $1.83 billion in healthcare sector funds but sold a notable $1.29 billion in consumer discretionary sector funds.

Global bond funds remained popular for a fifth consecutive week, attracting net inflows of $9.44 billion.

Swiss franc-denominated bond funds drew $6.8 billion, their largest weekly inflow since at least November 2024. ⁠Investors also added ⁠a significant $2.78 billion to short-term bond funds, while pulling $1.68 billion from high-yield bond funds and $550 million from government bond funds.

Money market funds attracted weekly net inflows of $15.86 billion, following net outflows of $47.51 billion the previous week.

Among commodities, gold and other precious metals funds attracted net inflows of $1.29 billion, marking their fifth week of net purchases in the past six weeks. Investors also added $41.5 million to energy funds.

Data covering 29,174 emerging market funds showed that investors bought $6.28 billion worth of equity funds — the largest weekly net purchase since August 5. However, they withdrew a marginal $48.72 million from bond funds.


UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

The UK government on Saturday outlined plans to expand funding for artificial intelligence safety amid growing concerns over the cyber risks posed by the increasingly advanced technology.

"The economic opportunities from AI will only be realized if our critical infrastructure, public services and businesses are resilient to cyber, biological and emerging AI-enabled threats," the government said in a statement ahead of its annual budget update on Wednesday.

Concerns about AI safety have escalated in recent months after models developed by OpenAI and Anthropic were involved in security incidents during testing, piling pressure on governments to regulate the technology and protect against threats.

As part of a package of AI-related measures in the budget, the government will invest an additional £120 million ($161 million) in Britain's AI Security Institute, which tests the most powerful AI models before they are released.

According to AFP, it will also invest £100 million to establish a national AI Biosecurity Lab, which will use AI to detect and track biological threats.

"As AI becomes more powerful, Britain must have the capabilities to protect its people and shape its own future," said AI minister Kanishka Narayan.

"That means staying ahead of emerging threats, from cyberattacks to biological risks, while building more of the critical technology our security depends on," he added.

The plans include investment in AI tools to identify cyber vulnerabilities across critical infrastructure.

Governments and companies around the world shut down websites Thursday as they raced to protect themselves from hacks after AI models uncovered critical flaws in a widely used programming language called PHP.

Cybersecurity experts fear state-of-the-art AI technology could be used to hack banks, hospitals and government systems.

Last month it emerged that a rogue OpenAI model bypassed safeguards during training and hacked an Australian government health statistics website.


Trump Lifts Some Canada Tariffs Ahead of Midterms

President Donald Trump arrives on Air Force One, Friday, Oct. 23, 2026, at President Donald J. Trump International Airport in West Palm Beach, Fla. (AP Photo/Mark Schiefelbein)
President Donald Trump arrives on Air Force One, Friday, Oct. 23, 2026, at President Donald J. Trump International Airport in West Palm Beach, Fla. (AP Photo/Mark Schiefelbein)
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Trump Lifts Some Canada Tariffs Ahead of Midterms

President Donald Trump arrives on Air Force One, Friday, Oct. 23, 2026, at President Donald J. Trump International Airport in West Palm Beach, Fla. (AP Photo/Mark Schiefelbein)
President Donald Trump arrives on Air Force One, Friday, Oct. 23, 2026, at President Donald J. Trump International Airport in West Palm Beach, Fla. (AP Photo/Mark Schiefelbein)

President Donald Trump's administration lifted some tariffs on Canadian imports Friday, two weeks ahead of midterm elections, after a vulnerable Republican candidate said she'd lobbied for the change.

The easing of tariffs will apply to products including "plywood sheets, some paper products, certain machinery and refrigeration equipment," the White House said in a statement.

The change could help Senator Susan Collins, who faces a strong challenge from a Democrat in the US-Canada border state of Maine, which has been hit hard by Trump's trade war.

She posted on social media that she had "secured" the exemptions for "products crucial to Maine's agricultural industries, including blueberry, potato, apple, and seaweed producers."

Democrats are targeting Collins's seat in their attempt to win control of Congress from the Republicans in the November 3 midterms.

The economies of the United States and Canada are heavily inter-connected, with roughly 70 percent of all Canadian exports heading to the United States.

Tensions between the North American neighbors have been high since trade talks broke down in August, with Trump imposing a slew of new tariffs in response.

Friday's action lifts tariffs on certain goods, but imposes levies on new ones, including carpets, certain valves and waste products, the White House said. The new measures will take effect on October 30.

"The Canadian government takes note of these recent tariff measures adopted by the United States," Dominic LeBlanc, Ottawa's minister in charge of US-Canada trade, said in a statement to AFP.

"While evaluating these recent measures, Canada remains ready to work together in a constructive and good-faith manner" with the US, he added.

Collins said many farmers in her state "rely on specialized equipment, packaging materials, and other products from Canada that are either unavailable from American suppliers or cannot be replaced without incurring significant expense."

Previous Trump levies on autos, steel, aluminum and lumber have hit Canada hard, forcing job losses and stunting growth. Canada has entered a technical recession this year after two consecutive quarters of economic contraction.

Trump's tariffs enforced after the talks broke down impacted around $20 billion worth of goods, or 5.5 percent of Canadian exports to the United States, targeting products ranging from hockey sticks to cement.

Since taking power in his second term, Trump has upended the global trade order by imposing wide-ranging tariffs on friend and foe alike, saying that other countries have been taking advantage of the United States.

He has also explicitly tied some threatened tariffs to political or foreign policy objectives.